Soviet Economy: A Welcome Addition to an Important Field of Study

The results of the inaugural meeting of a panel on the Soviet economy, convened by the editors of Soviet Economy, are summarized. The panel noted that 1985 economic performance had been fairly good by recent Soviet standards, although the external trade balance had deteriorated sharply. Turning to the Twelfth Five-Year Plan (FYPXII) and the annual plan for 1986, the panel noted the clearly taut nature of both plans, and the apparent inconsistencies between them. The consensus was that the FYPXII targets would be very difficult to achieve, although outsiders may find it hard to judge due to the inherent ambiguities in measuring quality changes, and the potential for significant hidden inflation in growth statistics. Journal of Economic Literature, Classification Numbers: 052, 124).